Needham & Company LLC Reaffirms Buy Rating for Cogent Biosciences (NASDAQ:COGT)

Cogent Biosciences (NASDAQ:COGT)‘s stock had its “buy” rating reiterated by equities research analysts at Needham & Company LLC in a research report issued to clients and investors on Wednesday, Benzinga reports. They currently have a $18.00 price objective on the technology company’s stock. Needham & Company LLC’s price target suggests a potential upside of 127.27% from the stock’s current price.

Several other equities research analysts have also recently issued reports on COGT. JPMorgan Chase & Co. upped their target price on shares of Cogent Biosciences from $18.00 to $20.00 and gave the stock an “overweight” rating in a research report on Tuesday, February 27th. Wedbush raised their price objective on Cogent Biosciences from $5.00 to $10.00 and gave the company a “neutral” rating in a research report on Friday, February 23rd. Leerink Partnrs reiterated an “outperform” rating on shares of Cogent Biosciences in a research report on Thursday, February 22nd. Citigroup raised their price target on Cogent Biosciences from $11.00 to $13.00 and gave the company a “buy” rating in a report on Monday, February 26th. Finally, Robert W. Baird reaffirmed a “neutral” rating and set a $8.00 price objective (down from $14.00) on shares of Cogent Biosciences in a report on Monday, February 26th. Two investment analysts have rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $13.67.

Cogent Biosciences Stock Performance

Shares of COGT stock opened at $7.92 on Wednesday. The stock has a fifty day simple moving average of $6.76 and a two-hundred day simple moving average of $6.63. Cogent Biosciences has a 52-week low of $3.67 and a 52-week high of $13.50. The firm has a market capitalization of $757.25 million, a PE ratio of -3.19 and a beta of 1.57.

Cogent Biosciences (NASDAQ:COGT) last released its earnings results on Tuesday, May 7th. The technology company reported ($0.62) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.51) by ($0.11). On average, sell-side analysts forecast that Cogent Biosciences will post -1.89 EPS for the current fiscal year.

Institutional Investors Weigh In On Cogent Biosciences

Several institutional investors have recently modified their holdings of COGT. AJOVista LLC purchased a new position in shares of Cogent Biosciences during the fourth quarter valued at approximately $45,000. China Universal Asset Management Co. Ltd. lifted its position in shares of Cogent Biosciences by 355.0% during the fourth quarter. China Universal Asset Management Co. Ltd. now owns 9,961 shares of the technology company’s stock worth $59,000 after purchasing an additional 7,772 shares during the last quarter. Russell Investments Group Ltd. grew its holdings in shares of Cogent Biosciences by 234.5% in the first quarter. Russell Investments Group Ltd. now owns 10,014 shares of the technology company’s stock worth $67,000 after purchasing an additional 7,020 shares during the last quarter. Dynamic Technology Lab Private Ltd purchased a new position in Cogent Biosciences in the 4th quarter worth about $70,000. Finally, NEOS Investment Management LLC bought a new stake in Cogent Biosciences during the 4th quarter valued at about $76,000.

Cogent Biosciences Company Profile

Cogent Biosciences, Inc, a biotechnology company, focuses on developing precision therapies for genetically defined diseases. Its lead product candidate includes bezuclastinib (CGT9486), a selective tyrosine kinase inhibitor designed to target mutations within the KIT receptor tyrosine kinase, including KIT D816V KIT D816V mutation that drives systemic mastocytosis, as well as other mutations in KIT exon 17, which are found in patients with advanced gastrointestinal stromal tumors.